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Economics Class

October 30, 2014 @ 2:00 pm - 2:45 pm

Session Goal:  To learn the impact of minimum wage increase on businesses

Concepts:  Hourly rate; minimum wage; break-even point; equilibrium

Lesson: The lesson continues from the previous class period where the students compute the cost of their hamburgers, calculating raw products, rent, utilities, insurance, etc. and labor costs using the current minimum wage.  The lesson today shows the impact of raising the minimum wage on the business.  The students will have to go back and re-calculate their labor costs and determine if they need to raise the price of their hamburgers or lay off employees and try automation.  Several current events articles about this issue involving McDonald’s will be presented to the students for discussion.

 

Details

Date:
October 30, 2014
Time:
2:00 pm - 2:45 pm